With variable universal life, chances are you were promised -- with mind-numbing language going on for page after page -- that you were in a magic policy that was a savings account, an investment account and an insurance account all in one.
The policy illustrations you saw probably showed you that you'd pay premiums for some time and then magically the policy would take care of itself. It was a magic carpet policy that after a while would fly on its own but you'd have the benefits of the policy.
In practice, it's hasn't worked out that way. Many times I get the call where people lose their insurance and get hit with a big tax penalty or have dramatically increased premiums.
Ken Tumin5,339 posts since Nov 29, 2009 Rep Points: 121,304